Starting a New Business? 3 Reasons to Choose a Shared Office Space

Starting a new business in the modern day requires you to make the best choices – in saving money, in making alliances with complementary niches, and in offering something unique to the world. This involves a lot more than creating a business plan; it means applying innovation from the ground up. One can’t forget the most crucial aspect to building a business that many new entrepreneurs think of last second – the best office space.

The right place can determine your employees’ ability to produce quality and your ability to make those vital business connections. But with the modern age, the traditional style of office just doesn’t cut it anymore. A shared office space, on the flipside, offers new businesses a whole range of advantages as a headquarters for your business to begin and expand from. If you’re looking to create a home for yourself and your employees, then you should choose a shared office space, and here are three reasons why:

1. Save on Costs

Most new businesses go under in the first two years. Those who survive those toddler stages find themselves in a whole new world of Hunger Games with other fledgling startups trying to climb their way up in the first five years. What puts most under? A mismanagement of funds due to inexperience, and sometimes bad luck. You have to spend money to make money, but saving on costs in the big ways and in the small can be the deciding factor in your business weathering those early storms. Choosing the most economically wise office can help you boost productivity, improve your reputation, and most importantly, save enough to press onwards with the evolving market. What offers all this in one? A shared office space.

– It’s Half the Money

Since shared offices work as a roommate sort of agreement, you can split the cost of the entire office with another business or a group of freelancers. Whether you share a niche with them or are from completely opposite industries, you can experience a significant cut on the cost of rent, as well as on necessary amenities such as heating and cooling. This means the burden of covering overhead will no longer be just yours – you can devote these funds to improving your business.

– More For Less

If you still pursue an economic choice without a shared office, you’ll find yourself making compromises to suit your bank account. Though you may need more space for your employees, you end up cramming them together in a smaller space. Though the electricity may or may not flicker when you flush the toilet, it fits your budget, right? A shared office eliminates this issue altogether. By splitting the cost of a space with other businesses, you can enjoy the price tag of a low-level office while actually working in a ritzy area – making it possible to impress customers with your quality and make your employees’ lives easier.

2. Make New Connections

Successful entrepreneurship is about making connections, taking advantage of unexpected opportunities, and getting second opinions on the best way to accomplish things. With a private office, you’re limited to how many of these connections can be made in isolation, but a shared office does the exact opposite. You’ll be in direct contact with other professionals from unexpected fields, sometimes completely unrelated to yours.

– Get New Insights

You may think the civil engineering company sitting a few cubicles away has nothing to offer your web content business, but the exact opposite is true. Opposing fields have different experiences, techniques, and tips for approaching success, and while the little details may differ, you can get a second opinion or a new insight on how to handle your own obstacles. The civil engineer may be clueless about programing and web design, but they are fluent in approaching road blocks in licensing and reaching out to the community – skills and tactics you can definitely apply to your marketing campaign. Your competition, which prefers a private office, would never have this opportunity. Now you have an edge to put you ahead.

3. Boost Professionalism

With so many new businesses flooding the market, it becomes difficult for investors and customers alike to know which startup to support. An office space shows a renewed level of commitment and the clever foresight required to turn a startup into a success – two highly valuable assets to your business image. A shared office space offers all these advantages and more, sending a very clear message of professionalism to investors, partners, and clients.

– It Shows an Ability to Collaborate

A shared office requires a certain degree of collaboration and flexibility. You are working next door to someone else, after all, so you’ll no doubt make adjustments to keep the flow of productivity smooth and avoid interrupting their work. This shows a willingness to collaborate, adapt, and even reach out to unusual fields – an aspect investors or potential business partners will find valuable.

– It Shows Creativity

People are looking for businesses that can role with the times and come up with creative solutions to their needs. A shared office personifies this ability, showing clients that you’re able to adjust to unfamiliar surroundings, you’re savvy enough to seek out savings, and you’re looking for the most modern, efficient way of doing things. This level of creativity proves that you can address their needs in the same way – something the more ridged and traditional office spaces along with their businesses lack. So with your startup offering this new edge, why shouldn’t they choose you?

Shared office spaces have many advantages for teamwork, your checkbook, and your ability to create something new, and while this serves as a huge advantage to businesses of all kind, it has exceptional benefits for new startups. If you’re looking to make your entrance to the market, a co-working space can offer you a hand up and boost your opportunities like never before.